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July 9, 2020 12:44 pm  #31


Re: Stunning Sale: Toronto Star Sold For $52 Million

Anybody else? Let's make this an auction while we're all at it. https://cdn.boardhost.com/emoticons3/devil.png

 

 

July 11, 2020 10:17 pm  #32


Re: Stunning Sale: Toronto Star Sold For $52 Million

Radiowiz wrote:

Anybody else? Let's make this an auction while we're all at it. https://cdn.boardhost.com/emoticons3/devil.png
 

Turns out, you may not have been far from the truth. 

Surprise $60-million bid from NordStar locks up acquisition of Torstar

     Thread Starter
 

July 13, 2020 1:50 pm  #33


Re: Stunning Sale: Toronto Star Sold For $52 Million

NordStar raises offer for Torstar, secures key shareholder support


https://www.theglobeandmail.com/business/article-nordstar-ups-torstar-offer-in-what-could-end-bidding-war/

Last edited by cash (July 13, 2020 1:50 pm)

 

July 15, 2020 9:03 pm  #34


Re: Stunning Sale: Toronto Star Sold For $52 Million

This isn't a done deal yet,  if some minority shareholders are successful with their O.S.C. complaint.

https://outline.com/z9u7dT

Last edited by Media Observer (July 15, 2020 9:06 pm)

 

July 16, 2020 8:50 am  #35


Re: Stunning Sale: Toronto Star Sold For $52 Million

Radiowiz wrote:

   I'm not spending a single penny until I see the BOX price on Saturdays drop back down to $2.    

If Saturday's edition gets any thinner, you may decide to lower your standing offer 

K.K.
 

 

July 16, 2020 9:07 am  #36


Re: Stunning Sale: Toronto Star Sold For $52 Million

I've noticed this, too. The Saturday Star, their best selling edition of the week, has very little left in it. Only the Front and Business sections have any heft. They fired most of the staff who toiled for their entertainment section, leaving it almost unreadable. It used to be one of my favourite parts of the paper. Now, I mostly glance at it and I'm done.

Some of this is COVID related, but the sports, travel, auto, real estate and life sections have all been folded into the few other remaining parts of the paper - and they're only a page or two in any event. Even what was once my must read area, Insight, is now filled with endless reprints from U.S. sources like the Wall St. Journal and the New York Times. 

I get the fact that The Star is between the proverbial rock and a hard place - as revenue falls, they can't afford the people to replace the empty spaces like they used to. (Which is the main reason they recently bought The Canadian Press to fill in some growing and very large blanks.) 

But in a Catch-22 scenario, unless you provide readers with their money's worth, who's going to continue buying it? As the paper gets thinner and thinner, there's less reason to buy it, leading to declining profits, fewer writers and a paper that gets thinner and thinner and - well, you can see the pattern.

Despite the apparent new owners pledging to keep the Star as is in terms of its publishing philosophy, I've heard some critics posit that this is as much a real estate deal as an attempt to buy Canada'a biggest newspaper. 

I wonder how much that building at #1 Yonge St. is really worth? 

For now, I continue to subscribe to the Saturday Star. But every weekend, I find myself wondering more and more if it's worth the money.

     Thread Starter
 

July 16, 2020 10:22 am  #37


Re: Stunning Sale: Toronto Star Sold For $52 Million

A few clarifications RA. Torstar has been selling their real estate for years and there is very little possibly none left, so the purchase had little to do with real estate. 

The new owners are buying the Toronto Star, daily newspapers in Hamilton, St. Catherines, Welland, Kitchener/Waterloo, Barrie and Peterborough, along with about 70 weekly papers.  1 Yonge Street is worth nothing to the new company or the Star, it was sold years ago.

Torstar is one of three owners of the Canadian Press, and have been for a long time. 

True the Star along with all daily papers are much thinner than they were 5 years ago. However as a company Torstar had the best balance sheet by far as compared to other Canadian newspaper companies with no debt, a solid pension arrangement for employees and $70 million cash in the bank.

Torstar so far at least, has been an excellent example of how a responsible company winds down an operation, and actually do the ground work to make sure their staff past and present are properly taken care of.  

 

 

July 16, 2020 11:27 am  #38


Re: Stunning Sale: Toronto Star Sold For $52 Million

paterson1 wrote:

Torstar so far at least, has been an excellent example of how a responsible company winds down an operation, and actually do the ground work to make sure their staff past and present are properly taken care of.  
 

That's good to hear. Shall we compare the way Torstar is handing things over to the way Conrad Black handled his divestments? For example, the way Lord Black treated Dominion store employee pensions?

No need to say any more.
 

 

July 17, 2020 5:40 pm  #39


Re: Stunning Sale: Toronto Star Sold For $52 Million

Another development.

https://outline.com/bngv7h

Last edited by Media Observer (July 18, 2020 12:44 pm)

 

July 19, 2020 5:38 am  #40


Re: Stunning Sale: Toronto Star Sold For $52 Million

RadioActive wrote:

     The Saturday Star, their best selling edition of the week, has very little left in it. Only the Front and Business sections have any heft   

You may want to consider Saturday's Globe & Mail and/or National Post for business reports, plus the Sunday Star which includes the New York Times international weekly supplement

K.K. 
 

 

July 19, 2020 10:34 am  #41


Re: Stunning Sale: Toronto Star Sold For $52 Million

I used to read the Saturday Globe religiously for decades.
Lots of good content. Took much of the weekend to go through.
Then the 2007 recession hit and they downsized and the Saturday Globe became a shadow of its former self like the other dailies.
Still pick it up from time to time but the Saturday experience isn't the same.

 

July 19, 2020 11:00 am  #42


Re: Stunning Sale: Toronto Star Sold For $52 Million

Here's another question that comes with the sale: what about the Metroland newspapers that are owned by the Star?

When I first moved into my house some 30 years ago, we used to get two editions of a very local neighbourhood newspaper, one on Tuesday, then again with all the grocery flyers on Thursday. Despite the fact it says "$2.00" on the cover, no one I've ever met has actually paid a single cent for any of them and they're essentially supported by advertising and flyer revenue and delivered free to your door. 

And you know what? Back then, they actually had OK coverage of specific neighbourhood issues and I was sometimes surprised at the quality of the journalism for such small publications. Fast forward to today. The papers are down to once a week (Thursday only), are mostly filled with flyers and maybe have one or two stories in their 8 pages or less editions.

I guess those grocery stores ads are keeping them profitable enough, but they're down to almost no news in a newspaper. And now Loblaws has taken some of its properties - like No Frills and Superstore - and put their weekly grocery specials solely online. My guess is more will be taking that route. 

Would a new owner keep these old local stalwarts going or shut them down to save money? Or perhaps transfer them to online only? I guess we won't know that until after the sale is official. But like the Saturday Star, the little guys are only shadows of their former selves. And that's a shame.   

     Thread Starter
 

July 19, 2020 1:18 pm  #43


Re: Stunning Sale: Toronto Star Sold For $52 Million

RA,

You are correct about the dearth of a local "paper" product.   When I moved to Ajax in 1997,  I received delivery 4 days a week.  It then went down to 3 days and was reduced to 2 by the time I moved to Whitby,  a few years later.  The same is true for all the Durham publications.  Also as you have noted,  the major content was and still is advertising.

Metroland has been putting out free online editions of local/regional news each day; for several years.  The one that covers Durham Region is pretty good and allows you to focus on a particular municipality in addition to the other locales. It is updated throughout the day and you can sign up for morning and/or afternoon delivery.

I find it does a pretty good job of covering local politics and news;  along with a pretty liberal (sometimes too much so) comments policy;  that gives you a view of some of the local opinions.  I have come across other such online papers from Metroland,  when linking to stories from other Ontario communities.

Last edited by Media Observer (July 19, 2020 1:20 pm)

 

July 22, 2020 7:11 pm  #44


Re: Stunning Sale: Toronto Star Sold For $52 Million

Shareholders of Torstar yesterday gave strong support for the buyout of the company by Jordan Bitove and Paul Rivett.  The $60 million takeover will go to the Ontario Superior Court tomorrow for approval or possibly blocked by Superior Court Justice Corey Gilmore.  The deal is expected to pass...
https://www.thestar.com/business/2020/07/22/strong-shareholder-support-for-torstar-takeover-will-carry-a-lot-of-weight-in-court-approval-experts-say.html